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Morning Bid: Japanese stocks party like it's 1990
  + stars: | 2023-11-20 | by ( )   time to read: +4 min
A man walks past an electronic board displaying Japan's 10-year government bonds level, the current Japanese Yen exchange rate against the U.S. dollar and Nikkei share average, outside a brokerage in Tokyo, Japan, October 31, 2023. It's been a mixed start for most of Asia in this holiday-truncated week, though Japanese shares extended their bull streak to hit highs not seen since 1990. The Nikkei is up more than 8% so far this month, and almost 29% for the year so far. The entire market capitalisation of the Topix is 454 trillion yen ($3.03 trillion), yet Japanese companies held 555 trillion yen in internal reserves at the end of the financial year. Recent surveys show inflation expectations are finally picking up which may prompt households to invest some of the 1,000 trillion yen they currently keep in cash and deposits into equities and bonds.
Persons: Kim Kyung, It's, financials, de, de Cos, Bank of England Governor Bailey, Fed's Barkin, Wayne Cole, Christopher Cushing Organizations: U.S ., Nikkei, REUTERS, Nasdaq, Bank of Japan's, Hamas, Tech, Nvidia, Futures, PPI, Bank of France, Bank of Spain, Bank of England, Thomson Locations: Tokyo, Japan, Asia, Israel, United States, Gaza, de Galhau
Both Bank of England Governor Andrew Bailey and U.K. Finance Minister Jeremy Hunt on Monday told an audience in the City of London that high wage settlements were harming their efforts to contain inflation. Much of the increase in pay has been driven by the private sector, with annual wage growth increasing to 7.6% in the three months to April. However, Bank of England Governor Bailey noted in his Mansion House speech on Monday that the British economy has proven unexpectedly resilient. Last summer saw a slew of strikes and protests as real wages, which reflect the power of a worker's pay after accounting for inflation, declined at a record rate. "No question about it, current nominal wage growth remains far too high relative to the sustainable rate of probably around 3.5-4.0% yoy.
Persons: Mark Kerrison, Andrew Bailey, Jeremy Hunt, Stuart Cole, BoE, Rishi Sunak, Danni Hewson, AJ Bell, Bank of England Governor Bailey, Sanjay Raja, Raja, Equiti's Cole, Bailey, Kallum Pickering, Pickering Organizations: National Education Union, Department for Education, Getty, LONDON, Bank of England, National Statistics, . Finance, City of, Equiti, Monetary, Deutsche Bank, MPC, Treasury, Bank, The, England's Locations: London, United Kingdom, City, City of London, Ukraine
People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Asia's main markets had struggled overnight but Europe's STOXX 600 (.STOXX) made a 0.5% early gain as both the pound and UK government bonds rallied in London. Invesco's director of macro research Ben Jones said the UK's volatility would remain a key focus for global markets. In currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%. The rise of the dollar and global bond yields have been a drag for gold, which was stuck at $1,648 an ounce .
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